Terra’s 'vortex of death' brings scrutiny from South Korean regulators - Aliens: AI Crypto News & Markets Updates
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Terra’s 'vortex of death' brings scrutiny from South Korean regulators

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The Block

Tue, May 24, 2022

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The National Assembly in South Korea held a meeting on Tuesday to discuss the fallout from the Terra collapse, while representatives from domestic crypto companies were also present.

The Financial Supervisory Service (FSS), the Fair Trade Commission (FTC) and the Financial Service Commission (FSC) shared updates following an emergency meeting held at the National Assembly, according to local news reports.

The FSS revealed on Tuesday that it plans to inspect the premises of companies that provide financial services related to the Terra blockchain, following its collapse, according to a report by Money Today .

South Korea’s FTC announced plans to examine cryptocurrency exchanges compliance with guidance from last year relating to terms and conditions, according to local reports from YNA News .

Following the meeting on Tuesday, the FSC announced it was actively reviewing new cryptocurrency regulation relating to stablecoins and decentralized finance (DeFi), YNA news reported.

Local reports noted that there are 13 bills pending in the National Assembly at present relating to the crypto industry, including the Electronic Financial Transactions Act.

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